. XRP Price Dips Below Key Support Amid SEC Action - Capital Street FX

XRP Price Dips Below Key Support Amid SEC Action – Capital Street FX

XRP Price Dips Below Key Support Amid SEC Action – Capital Street FX

07 Mar 2024

XRP price falls beneath a crucial support level in anticipation of the SEC’s remedies-related brief in the Ripple lawsuit

FUNDAMENTAL OVERVIEW:

  • On Thursday, XRP price declined to $0.62, slipping below a significant support level of $0.65.
  • The SEC is gearing up for its remedies-related opening brief, scheduled for the March 22 deadline in the ongoing Ripple lawsuit.
  • Ripple’s CLO criticized the regulator, citing a judge’s remark on the SEC’s “vague and loosey-goosey” rules.

On Thursday, XRP’s price plunged beneath a crucial support level, reaching $0.62 from the notable $0.65 mark. As the SEC v. Ripple lawsuit reaches a pivotal moment, the regulator will unveil its remedies-related opening brief on March 22.

The Securities and Exchange Commission (SEC) is scheduled to reveal its remedies-related opening brief on March 22, marking a crucial date in the regulatory body’s legal proceedings against Ripple.

Stuart Alderoty, Chief Legal Officer of the payment remittance firm, criticized the Securities and Exchange Commission (SEC), stating that the regulatory body has engaged in a “bad faith practice” by referencing a default judgment related to a pertinent legal matter.

RIPPLE TECHNICAL ANALYSIS DAILY CHART:

Technical Overview:

Ripple is trading within an up channel.

Ripple is positioned above all the Moving Averages (SMA).

The Relative Strength Index (RSI) is in the Buying zone, while the Stochastic oscillator suggests a Positive trend.

Immediate Resistance level: 0.61

Immediate support level: 0.58

HOW TO TRADE RIPPLE

After a significant decline, Ripple found support and experienced a temporary upside reversal. Although the price faced rejection, Ripple is currently maintaining its upward stance, presenting a potential buying opportunity on a dip.

TRADE SUGGESTION- LIMIT BUY– 0.60, TAKE PROFIT AT- 0.65, SL AT- 0.57.